Polyurethane is produced by reacting polyalcohol such as polyester and polyether with organic di-isocyanate and polyisocyanate. Polyurethane is polymer that provides exceptional wear resistance and can also act as soft and ductile materials. Polyurethane coatings are used in the surface coatings, furniture and packaging. Polyurethane coatings are non-flammable in nature. Polyurethane coatings possess the characteristics such as high performance abrasion resistance and corrosion resistance. Polyurethane coatings are used for the protection of electronics, construction etc. It also has high chemical and mechanical properties.
Market Size and Forecast
The global Polyurethane (PU) coatings market is anticipated to expand at a CAGR around 7.0% during 2018-2027. It is projected to reach significant market size by 2027. The increasing demand for the polyurethane coatings from various end-user industries is anticipated to increase the market size of the Polyurethane (PU) coatings during the forecast period. The growing construction industry is anticipated to fuel the demand for the polyurethane during the forecast period.
The global Polyurethane (PU) coatings market can be segmented on the basis of technology, end-user and region. On the basis of technology, it is sub-segmented into water-borne, solvent-borne, spray and powder. Water borne sub-segment is anticipated to be the fastest growing sub-segment on the account of eco-friendly attributes. Water-borne polyurethane (PU) coatings are the leading sub-segment in the polyurethane (PU) coatings technology segment. The low content of volatile organic compound in the water borne polyurethane makes it more preferable coatings in comparison to other sub-segment. On the basis of end-user industry, it is sub-segmented into automotive, aerospace industry, household industry, construction, electronics industry, transportation and textile. Automotive industry is anticipated to fastest developing sub-segment on the account of various applications associated with the polyurethane coatings such as resistance to the heat, non-reactive to metals, high dielectric strength and weather resistance.
By region, global Polyurethane (PU) coatings market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to be the fastest growing region across the globe. This is attributed to the fact that countries such as China, Japan, South Korea and India are anticipated to be the major consumer of polyurethane (PU) coatings. The developing automotive and transportation industries in the region are also a reason for the region to lead the global Polyurethane (PU) coatings market.
Our in-depth analysis segmented the global Polyurethane (PU) coatings market in the following segments:
By End User:
Global Polyurethane (PU) coatings market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The increasing demand for polyurethane coatings from various end-use industries coupled with growing demand from the Asia-Pacific region is anticipated to drive the market growth during the forecast period. Additionally, the increasing demand for sales and leisure boats in the marine industry is also a major growth driver for the polyurethane coatings market. The growing construction industry across the globe is also anticipated to increase the demand for the polyurethane market in upcoming future. The expanding automobile sector across the globe is increasing the demand for the polyurethane coatings as it offers strong wear resistance to the material. The increasing trend of eco-friendly water-borne polyurethane coatings is anticipated to fuel the market growth of the polyurethane coatings.
However, stringent regulation related to volatile organic compound may act as a restraint for the polyurethane coatings market. Additionally, the government across the globe is focusing on increasing the usage of eco-friendly coatings which has relatively less adverse impact on the environment.
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